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"Mr. DelVecchio, a square-jawed soccer fan who works out of Dallas, isn't a big-name hedge-fund manager with ultrarich clients. He manages a $280 million exchange-traded fund that can be bought and sold by investors of all stripes.

His AdvisorShares Active Bear ETF also differs from other ETFs in the market. Mr. DelVecchio, 36 years old, and his partner, Brad Lamensdorf, actively manage their positions, and they only make negative bets on stocks and bonds. Their strategy is so uncommon that fund-research group Morningstar Inc. believes Mr. DelVecchio's fund is the world's lone actively managed "short-only" ETF."

Harry S. Dent interviewed on CNBC by Rick Santelli for Global Market Report discusses question, Can Europe Implement Austerity Without Pain? Dent says that if Spain goes back for second round, Europe's done. Says history and demographics show need for no pain no gain -- stimulus has been putting off eventual recovery. Must go through debt restructuring to get from winter to spring.

"The one thing you can say about mutual-fund investors is that they're horrible market-timers," says Leon Mirochnik of TrimTabs Investment Research, which uses investment fund inflows and other data to make investment recommendations.

John Del Vecchio, co-manager of the Active Bear (HDGE) exchange-traded fund in Dallas, said he believes the worst is not over for the company. The big drop in Green Mountain gave his fund a big boost Thursday. Shares of Active Bear rose more than 2.5%.